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Entitlement binge.(Indicators)(Brief Article)
Two economists report that the growth of federal spending on "entitlements" like Social Security and Medicare is creating huge, hidden debt overhangs. Using a technique called generational accounting, AEI fellow Jagadeesh Gokhale and University of Pennsylvania professor Kent Smetters analyze the future costs of current spending programs. While our existing national debt figures reflect only past overspending, generational accounting calculates the costs that will pile up in the future through entitlement promises being made today. The bills for these promises will fall on the next ...
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